Oil Market Adjustment Caused By US Sanctions Contributed To Price Spike - Biden's Adviser

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Oil Market Adjustment Caused by US Sanctions Contributed to Price Spike - Biden's Adviser

Global oil market adjustments caused by US sanctions against Russia contributed to the spike in energy prices, White House Economic Adviser Cecilia Rouse said on Friday

WASHINGTON (UrduPoint News / Sputnik - 20th May, 2022) Global oil market adjustments caused by US sanctions against Russia contributed to the spike in energy prices, White House Economic Adviser Cecilia Rouse said on Friday.

"As we put sanctions on the Russian banks, etc.

, oil markets have adjusted, we know that the price of oil has really skyrocketed and it has had some consequences for the supply of oil in terms of our refinery capacity and that is largely the reason why we've seen the spike in oil prices over the last two to three months," Rouse said during a virtual panel discussion with think-tank Center for American Progress.